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Rich countries’ obsession with private finance means millions of poor and vulnerable people could be left to face increasingly extreme and erratic climate alone warned Oxfam today as minist

The European Commission today published – as part of its “summer package” – a legislative proposal to reform the EU Emissions Trading Scheme (ETS). The Commission has failed to use this key opportunity to help address a key stumbling block in the climate negotiations: the provision of predictable and additional climate finance.  

EU Finance Ministers today adopted a report on Europe’s progress towards its share of the $30 billion promised by rich countries at the 2009 Copenhagen climate summit to help poor countries

The joint US-China statement on new domestic policy commitments and a vision for a global climate change deal underscores the importance the world’s two largest emitters place on solving the climate crisis, says Oxfam, but collective action is needed.

Oxfam welcomed reports of increased climate finance pledges made by finance ministers in Lima today, but warned that only a fraction is meant to help countries most vulnerable adapt to the devastating effects of climate change.

Global climate finance levels are woefully insufficient to keep warming below 1.5°C or protect people from the devastating impacts of climate breakdown —and this gap is particularly evident in countries mired in conflict or that are unable to provide basic services for their communities. 

“While this report provides helpful information on various actions to advance the climate finance agenda, it fails to boost confidence that developed countries will make significant and swift progress on meeting their commitment to provide $100 billion annually, over 2020-2025 to assist poor countries. The report would have been an ideal moment for developed countries to spell out how they will compensate for missing the $100 billion mark earlier through additional climate finance in subsequent years. Also, it lacks a robust roadmap as to how they’re going to double adaptation finance by 2025, something they agreed to at COP 26.”

The true value of money provided by developed countries to help developing nations respond to the climate crisis may be just a third of the amount reported, according to Oxfam estimates published today.

Joint Media Reaction by Oxfam, CAN Europe, APRODEV, CIDSE

Progress achieved during the past two weeks at Bonn will come to nothing if developed countries don’t scale up their ambition. The mood has been more constructive but the disagreements that derailed the Copenhagen talks are still to be resolved.